Brazil stocks slip as Greece uncertainty lingers

LOS ANGELES (MarketWatch) — Equities in most major Latin American markets eased Wednesday, with investors moving cautiously as European leaders continued to consider options in efforts to guide Greece out of its long-running debt crisis.

Argentina’s Merval (MERV) fell 1.8% to 2,720.15, its fifth straight fall. Oil company YPF
YPF, -0.18%
stood out among the index’s 18 constituents. The shares rallied 8% after the company said there’s potential for 23 billion barrels of recoverable shale oil and gas at the Vaca Muerta basin in western Argentina. The previous estimate was 927 million barrels.

Chile’s IPSA (IPSA) narrowed its decline to end down less than 1 point at 4,362.16, the index’s third consecutive loss. But Mexico’s IPC (IPC) returned to higher levels, ending up 0.2% at 38,140.55.

U.S. stocks managed to slough off losses as investors awaited word about efforts between Greece and the European Union worked on a deal for the country to implement austerity measures. The spending restraints are needed for Greece to receive another round of bailout funds.

The S&P 500 Index
SPX, +0.18%
closed up 0.2% at 1,349 and the Dow Jones Industrial Average
DJIA, +0.37%
moved up 6 points to 12,883.95.

The equity declines in Latin America and on Wall Street were limited by the possibility that talks between Greece and its creditors may reach a conclusion by Thursday. Such optimism stemmed from the European Central Bank’s reported agreement to exchange its holdings of Greek bonds to help Greece cut its debt load by about 11 billion euros (14.6 billion). Read more about Greece's talks with creditors.

In Sao Paulo, gains in utilities and finance stocks held the Ibovespa to a shallow loss. Redecard (RDCD3) shares rose 2.8%. Itau Unibanco
ITUB, -0.99%
on Tuesday offered to pay up to 11.7 billion Brazilian reals ($6.8 billion) to buy out shares in the credit-card networking services provider it doesn’t already own.

In Mexico City, shares of cement maker Cemex
CX, -2.62%
were the top performers, rising 2.5%, and shares of America Movil
AMX, -0.28%
, which have the heaviest weighting on the IPC, turned higher to end up 0.2%.

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